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Morningstar’s Analysis

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Telenor Reports a Mixed Fourth Quarter; Maintaining Fair Value Estimate

Analyst Note

| Denise Molina, CFA |

Narrow-moat Telenor's revenue came in below company-provided consensus, with reported revenue of NOK 30.9 billion, declining 3.9% organically year over year. Despite the revenue decline, adjusted EBITDA stayed flat on an absolute basis as the company cut operating expenses by 7%, mainly personnel, selling and marketing overheads. The company has kept costs under control during 2020, which has resulted in 2% organic growth for EBITDA for the full year. We are maintaining our NOK 159 fair value estimate.

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Company Profile

Business Description

Telenor is an international provider of telecom, data, and media communication services with 183 million customers in 10 markets. It is the incumbent dominant telecom operator in Norway and the Norwegian government holds an almost 54% stake in the firm. Telenor also operates in other Nordic countries and is an established player in faster-growing emerging markets. Telenor owns both fixed-line and mobile networks, though fixed-line services (telephony, Internet, TV, data services) provide around 10% of service revenue. The firm’s fixed-line operations are in Sweden, Norway, Finland and Denmark. In the rest of its markets, Telenor offers only mobile services.

Snaroyveien 30
Fornebu, N-1360, Norway
T +47 81077000
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 21,000